GCash users seen doubling to 10 M

MANILA, Philippines — GCash is aiming to double the number of users of mobile wallet to 10 million by next year as it rolls out the app’s scan to pay feature in more retail establishments.

GCash president and chief executive officer Albert Tinio told reporters yesterday the plan is to double the number of users of the mobile wallet to 10 million in a year’s time from five million at present.

The higher number of GCash users is expected to be achieved as the app’s scan to pay feature becomes available in more retail establishments.

GCash, the mobile wallet service of Globe Telecom Inc.’s subsidiary Globe Fintech Innovations Inc. or Mynt, can be used to buy load, pay bills, send money, and pay for goods and services whether online or offline.

Through the scan to pay feature of the GCash app, customers can pay for goods and services by simply using their smartphones to scan QR codes displayed by merchants and establishments.

Merchants also benefit from the new payment option as they no longer have to install expensive machines and do not need to give customers coins or change.

At present, close to 100 stores in Glorietta 4 are accepting GCash as a mode of payment.

By Nov. 11, Tinio said all stores in Glorietta 4, as well as cinemas and food courts of Ayala Malls would be accepting GCash payments.

“By yearend, all Ayala Malls will be accepting GCash,” he said.

The use of QR codes for payments is being promoted following the acquisition of a 45 percent stake in Mynt of Ant Financial ServicesGroup, the financial technology company controlled by Alibaba’s Jack Ma, earlier this year.

“In the past months, Ant Financial has worked closely with GCash product of Mynt, as we are dedicated to bringing digital financial services to our friends in the Philippines. Technology is helping more people to enjoy the benefits of digital financial services in a cost-effective, efficient and safe way. I hope we may share our technologies and experiences with our partner, helping them to better serve more local users,” Ant Financial chief executive officer Eric Jing said.

Globe president and chief executive officer Ernest Cu said the partnership is now bearing fruit with the introduction of a new payment method in the country.

“In this country, only five percent of the population have credit cards, leaving almost everybody to carry cash all the time to pay for something.  Today, we are introducing the third method of payment – GCash.  We found the right partner and the right time to really scale up the business and change the way we use financial services,” he said.